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Insurance Glossary

Auto Insurance Glossary

When shopping for auto insurance you will want to be familiar with the terms listed below.  They will help to ensure that you get the best possible deal.

Auto Insurance: Auto insurance will cover you against several types of accidents.  The types of auto insurance that you can buy include comprehensive and collision, bodily injury liability, property damage liability, and medical payments.

Bodily Injury Liability: This will protect you legally in the case of injury or death to another party due to an automobile accident

Collision: This part of auto insurance covers your vehicle in the case of an accident with another car or object.

Comprehensive: This segment of auto insurance covers your vehicle in cases of theft, fire, or an act of vandalism. 

Deductible: This is the amount of money that you have to pay before your auto insurance company takes on the remainder of the bill.

Medical Coverage: This part of auto insurance will cover the medical costs of any passengers in your car, or your own medical costs if you are driving a vehicle that is not your own.  May also include funeral costs.

Premium: The amount of money that is paid to remain on an auto insurance policy.

Property Damage Liability: This portion of your auto insurance covers damage to another's property in the event of an automobile accident.

Vehicle Identification Number: This is also know as a VIN number, and is used to identify a particular car by make, model, and year.

Home Insurance Glossary

When searching for home insurance keep the following terms in mind.  They will help you to get the best deal possible.

Actual Cash Value: Stands for the current cash value of the property with your home insurance policy.

Casualty Insurance: A benefit of home insurance is that this protects you in a legal sense as far as damage to another's property, or injury to another person.

Coverage A: When it comes to home insurance, this covers your home as well as anything that is attached to it.

Coverage B: Covers anything on your property that is detached from your home such as a shed or garage.

Coverage C: Offers home insurance coverage anywhere in the world for your personal property.

Coverage D: Home insurance covers expenses that you may incur due to having to live elsewhere because of damage to your covered home. 

Exclusions: A section of your home insurance policy that notes what type of loss and damage is not included.

Liability Coverage: With home insurance, it covers property damage and bodily injury.

Limit of Liability: If a loss occurs, this is the maximum amount in your home insurance policy that you will have to pay out of pocket.

Property Insurance: An aspect of home insurance that covers real or personal property.

Statutory Limits: The minimum amount of home insurance coverage that is allowed by law.

Life Insurance Glossary

Becoming familiar with the following life insurance terms will make it much easier to purchase a policy. When you know these terms, you will have the best chance of getting exactly what you want.

Beneficiary: With life insurance, a person who is not the policy holder who is eligible to receive benefits, or is currently receiving them.

Cash surrender value: This amount goes to the life insurance policy holder when they surrender a cash value insurance policy. When this happens, the life insurance policy is terminated.

Convertible term life insurance: Allows you to exchange term life insurance for a more permanent option in the future.

Free look period: In some states this allows you to cancel a life insurance policy without penalty.

No-load policy: A life insurance policy that is sold direct to consumers from the insurer. This cuts out commission to a broker.

Permanent life insurance: This type of policy offers lifetime protection by combining a cash value with death benefits. These accrue over time.

Risk factors: When calculating a life insurance policy premium, risk factors are taken into consideration by the insurer. The higher the risk, the more money you will pay. Risk factors with life insurance include things such as age and health among others.

Term life insurance: This type of life insurance provides coverage for a predetermined amount of time.

Universal life insurance: This is a permanent life insurance policy that varies based on the investment return of the insurer, as well as the payments by the holder.

Variable life insurance: The cash value of this type of life insurance policy fluctuates due to the return on investment that the policy holder receives.

Whole life insurance: This is considered a type of permanent life insurance. You will be covered for your life with this policy, but there are provisions to consider.

Health Insurance Glossary

When you know the terms associated with the health insurance industry you will have a much easier chance finding what you need. These are a few of the more common terms that you will want to keep in mind.

Coinsurance: After paying any deductible with your health insurance, this is the percentage of your bills that you will have to pay.

Co-payment: Each time you visit a health provider, a co-payment for health insurance is the amount that you will have to pay to receive treatment.

Deductible: Before your health insurance company begins to pay, a deductible is an amount that you are responsible for.

Disability insurance: Coverage in your health insurance policy that will pay you money if you are unable to work due to injury.

Indemnity plan: This plan for health insurance pays for your medical expenses while letting you choose the doctor that best suits your needs. Many times this is also known as a reimbursement insurance plan.

Long term care insurance: This type of health insurance will cover you if you have to live in a nursing home, assisted living, or other long term care facility.

Preexisting condition: This is a condition that existed before you obtained your health insurance coverage. In most cases an insurance company will make you wait a few months before these conditions are covered.

Business Insurance Glossary

These common terms are part of the language of insurance, and you'll need some familiarity with them when you use the free business insurance quote system. The glossary will help you understand the insurance terms that your free quote will be referring to.

Boiler and machinery insurance: This portion of business insurance not only insures boilers and machinery, but electrical equipment as well, when they fail or break down; includes actual damage to the equipment as well as damage the failure may have caused to property.

Business interruption insurance: If you are unable to operate your business due to catastrophes and breakdowns, you are covered with this business insurance policy.

Comprehensive general liability: This segmenrt of business insurance covers these four types of damage: property damage (or loss), physical damage or loss due to bodily injury, advertising injury, and personal injury.

Employers' liability insurance: This compulsory business insurance policy covers employees in case of bodily injury or illness arising out of (and in the course of) employment.

Environmental/pollution insurance: A kind of liability/property insurance that covers a collection of risks due to the environment, such as asbestos.

Fidelity/bonding: In this portion of business insurance, this covers employers from loss due to employees' theft, infidelity, dishonesty, and/or fraudulent acts, especially in businesses where employees have access to funds on a regular basis.

Fleet insurance: This is simply business auto insurance. It covers damages, injuries, , or theft of the vehicle; it can be applied to personal as well as rental cars that are used on company business.

Indemnified: Provides business insurance coverage against specified risks outlined in your business insurance quote.

Peril: An insurance risk; for example, if a company is insured against fire, then fire is the peril.

Proximate cause: In this segment of business insurance, this is the first event in a series that results in a claim. It is not always the one that is nearest in time to the event.

Self-insurance: When a business takes on the risk of its own losses, whether in part or in whole.

Umbrella insurance: This is an additional business insurance policy that covers liabilities beyond the limits of the basic business policy as it's stated in your quote.

Workers' compensation: When an employee becomes ill or injured due to job-related circumstances, he or she is covered under workers' compensation insurance.

Knowing these terms will make getting your business insurance quote easier and more understandable. Get the best business insurance quote today from .